Toronto Stocks Up; BlackBerry Down Following Earnings – Morningstar.com

    By Will Feuer   

Shares trading in Toronto rose modestly midday Wednesday as stocks continued to rebound from the sell-off sparked by fears tied to the spread of the Omicron variant of the coronavirus. Shares in BlackBerry Ltd. fell in midday as the security software provider posted better-than-expected results for its latest quarter, but its guidance for the current quarter fell short of expectations.

Canada’s S&P/TSX Composite Index rose 0.26% to 20,978.85 while the blue-chip S&P/TSX 60 edged 0.26% higher, as well.

BlackBerry shares were down 3.36% at midday. On Tuesday evening, the company posted breakeven adjusted earnings, compared with analyst expectations of a loss of 7 cents a share, according to a FactSet survey of analysts. And while sales fell from the year-ago period, its revenue of $184 million topped analyst expectations of $174 million.

During a call with analysts, the company said it expects revenue from its cybersecurity business to range from $125 million to $135 million. Analysts were projecting $136.6 million. It expects revenue from its Internet of Things business to be between $50 million and $55 million. Analysts were expecting $52 million.

  

Other market movers:

  

Shares of Generation Mining Ltd. rose 27.35% in midday trading after the company struck a deal to sell payable gold mined at its Marathon undeveloped platinum group metal mineral deposit in northwestern Ontario to Wheaton Precious Metals Corp.

  

Write to Will Feuer at Will.Feuer@wsj.com

  

(END) Dow Jones Newswires

December 22, 2021 13:07 ET (18:07 GMT)

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